Fischer was Germany's foreign minister during the administration of Chancellor Gerhard Schröder from 1998 to 2005. He earned international attention in 1998 when he urged that Germany send troops to Kosovo during the NATO-led intervention there and in 2003 when he advised against Germany supporting the U.S.-led invasion of Iraq.

Fischer is serving a one-year appointment as the Frederick H. Schultz Class of 1951 Professor of International Economic Policy in the Wilson School, teaching courses on international crisis diplomacy and trans-Atlantic alliances. In addition, he is serving as a senior fellow at the Liechtenstein Institute and as a fellow at the European Union Program. He also has an appointment with the Council on Foreign Relations in New York.